Urge Your House Member of Congress to Pass Legislation That Includes a Permanent Extension of the IRA Rollover Provision
We have learned that the House plans to place a standalone bill on the suspension calendar (a fast-track means of passing legislation) that would permanently extend the following three charitable provisions that were contained in the Tax Increase Prevention Act of 2014 (H.R. 5771):
- the IRA Rollover provision
- the deduction for gifts of food inventory and
- the deduction for conservation easement contributions.
In order for this bundle to pass the House, 50-65 Democrats are needed to vote in favor of the bill.
Time is of the essence as we've heard that a House vote could come as early as today.
ACTION - We urge you to do the following:
- Call or email your House Member, especially if he or she is a Democrat, and use the following talking points to encourage him or her to pass the bill that will include a permanent extension of the IRA Rollover provision.
- Please circulate this message among your sector colleagues and urge them to call in or send an email.
- You can find your House Member's contact information by entering your zip code here.
- I'm calling/emaling as a constituent with [INSERT NAME OF YOUR ORGANIZATION and a BRIEF description of your mission]. The House is poised to place a bill on the suspension calendar that would permanently extend three key charitable giving provisions, including the IRA Rollover provision. I urge [INSERT HOUSE MEMBER] to vote in favor of this important bill that will do so much to enhance the philanthropic missions of America's charities.
- The IRA Rollover provision allows individuals over 70.5 years of age to give charitable gifts from their IRA's without a tax penalty. Tax incentives such as the IRA Charitable Rollover provision play a vital role in encouraging donors to make gifts. The rollover provision is a powerful and unique way that donors can support charitable causes in their communities.
- Private donations help leverage the impact of government investments and allow charities to provide the programs and services that do much to augment the work of the government.
- It is estimated that there is more than $3 trillion in retirement funds such as IRAs. Many individuals have more than sufficient funds to retire comfortably. Even if only a small percentage of these funds were donated to charitable purposes, it could add millions of dollars to support the vital work that nonprofit organizations do in communities across America.
- The IRA Charitable Rollover has worked very successfully over the last few years, but it would be far more effective if it were made permanent. Because donors are unable to count on the IRA Rollover being in effect every year, they rarely plan ahead to set aside funds to utilize the provision. Similarly, charities and financial planners cannot counsel donors about the IRA Rollover provision given the almost annual uncertainty surrounding it.
- We believe that the provision's impact could reach billions of dollars annually if it were made permanent.
- For these reasons, we urge [INSERT HOUSE MEMBER] to vote in favor of the bill.